In order to qualify for a Stafford Loan, students must first file their FAFSA. Once this happens, students will receive a financial aid award letter with the total amount they are eligible for. Just because a financial aid award letters lists Stafford loan options, this does not mean that you have actually accepted the award. This is merely the amount you are eligible for. To accept a Stafford loan, students should contact their financial aid office. Remember, just because you are eligible for a certain amount of money, this does not mean you need to use it all. If you only want a partial amount, you can send back the unwanted portion immediately or request a lesser amount from your financial aid office.
Stafford Loan funds are sent directly to your school’s financial aid office twice per year, once for the fall semester and once for the spring. The funds are applied directly to your account about midway through the semester- this ensures that students are still enrolled and have not dropped out of classes. Any money that exceeds tuition and fees costs will be returned to the student, or the student’s account will be credited accordingly. This extra money can be used at your disposal, for school-related items such as books, food, housing etc. Just remember that the loan must be paid back eventually, so if you don’t need it, don’t use it!
If you are one of those students who has not received enough funding through federal loans, consider taking out a private student loan. Private loans are a great way to fill the gap in your education costs. PrivateStudentLoans provides a lot of good information on how to get a private loan and even allows students to compare lender options.
No comments:
Post a Comment